Campbell's cuts 13% of salaried jobs, closes plants to boost profitability amid sales decline

Campbell's announced a 13% reduction in its salaried workforce and the closure of two snack plants to improve operations and return to profitability. Despite raising prices by 4-5% on much of its portfolio to offset rising costs, the company expects a 2-4% decline in net sales for fiscal 2027, worse than analyst forecasts. Adjusted earnings per share are also projected below estimates. CEO Mick Beekhuizen emphasized addressing current challenges directly to restore long-term value and maintain credit ratings. The company aims to save $500 million by fiscal 2030 through these measures.